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May 2025

Investment Ideas Fundamental Research

Impala Platinum 31 December 2025 interim results summary

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Vaughan Henkel

Head of Securities Solutions, PSG Wealth

  • In this report, we look at the interim results for the period ended 31 December 2024 of Impala Platinum, released in February 2025, alongside the current global macroeconomic environment.
  • Financials: 
    • Revenue declined by 2.6% to R42.3 billion, affected by lower realised 6E dollar price and a stronger rand to dollar conversion. This was offset by higher sales volumes and an increase in revenue from Nickel sales during the period.
    • The cost of sales increased by less than 1% during the period, showing the effect of restructuring initiatives during FY24.
    • EBITDA declined by 23% to R6.5 billion. 
    • Headline earnings per share declined by 43.6% to 206 cents compared to 365 cents for 1H24.
    • The realised price per 6E ounce declined by 7.6% to R23 831.
    • Group unit cost worsened by 2.7% with the cost of production per 6E ounce increasing to R20 885. 
  • Our research supports a hold recommendation